Venezuela has become India’s third largest crude oil supplier in May, overtaking both Saudi Arabia and the United States. The sharp rise in imports reflects changing trends in India’s energy sourcing strategy as refiners increase purchases of cheaper heavy crude oil.
According to industry data, Venezuelan crude imports increased by 47 percent, rising from 2.83 lakh barrels per day in April to 4.17 lakh barrels between May 1 and May 20. Energy tracking agencies reported that Indian refiners stepped up purchases due to the competitive pricing of Venezuelan oil grades.
Despite the change in rankings, Russia remained India’s largest crude oil supplier with nearly 19 lakh barrels per day, while the United Arab Emirates secured the second position with around 5.6 lakh barrels daily. Industry experts noted that India continues to diversify its crude oil imports to ensure stable energy supplies amid changing global market conditions.
Officials and energy analysts said India’s expanding crude sourcing network reflects the country’s focus on maintaining energy security and ensuring uninterrupted fuel supply for domestic demand.
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